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Qualcomm (QCOM) — The company is a leader in developing products and services based on its advanced wireless broadband technology. It expects solid chipset sales throughout the coming year, and it is believed its Snapdragon chipset will provide an advantage in the wireless area over competitors. It has a strong royalty base in markets like China, which are converting from 2G to 3G.

Even though I recently covered QCOM, Thursday’s breakout is so significant that it confirms the cup-and-handle formation early in November and strongly reinforces my trading objective. Traders should buy QCOM now with a target of $80, while long-term investors should hold with an objective north of $100.